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EUR/USD depressed around 1.0850, ADP eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The shared currency remains unable to gather further traction this week, confining EUR/USD to trade in multi-week lows around 1.0850.

    EUR/USD focus on US ADP

    Spot has resumed its downside today, eroding yesterday’s gains and keeping the trade in levels last seen in early February in the mid-1.0800s for the time being. Poor PMI prints have added to the gloomy sentiment following the lower-than-expected CPI figures in the region during February, all paving the way for some sort of ECB action at next week’s meeting and the likeliness of further pullbacks in EUR.

    Ahead in the session, the US docket will come to the fore, as the ADP Employment report is due followed by the speech by FOMC’s Williams and the EIA’s weekly report on crude oil inventories.

    EUR/USD levels to watch

    The pair is now losing 0.09% at 1.0857 and a break below 1.0832 (low Mar.1) would target 1.0777 (low Jan.21) en route to 1.0709 (2016 low Jan.5). On the other hand, the next up barrier aligns at 1.0930 (100-day sma) ahead of 1.1047 (200-day sma) and then 1.1123 (38.2% Fibo of December up-move).
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